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Business Collection Tips | |||||||||||
I recently received a final demand notice from a Supplier. After I read it, I sent it to our A/P Manager. Whenever I receive something from another credit department, I try to see what I can learn from them. In this case, there was essentially nothing to learn. The final demand letter was too long, and it took more than a paragraph to get to the point. Add in the fact that it was addressed to the “Credit Manager” rather than to our A/P Manager, or the Controller or CFO, and it was even more of a mess. Our basic demand letter says this: “As of today, there is a balance past due of $x. I hoped this matter could be resolved amicably, but I am almost out of time. If payment in full is not received within ten days, your account will be placed with a third party for immediate collection or legal action.” More broadly, I think the keys to generating effective correspondence include:
Published on 22 September 2013, Covering Credit Commentary |
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